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Demand for investigation into the Square Mile’s ‘corrupt elite’

The Labour leader accuses the banking system of being 'institutionally corrupt'Times photographer, Jack Hill

A “corrupt elite” in Britain’s banks must be brought to book with tougher rules and jail terms as part of a national reckoning with the City, Ed Miliband says today.

The Labour leader accuses the banking system of being “institutionally corrupt” as he announces proposals for a 12-month public inquiry into the abuses rocking some of the high street’s most-trusted names.

An independent commission would look at making bankers sign a new code of conduct, answer to a new professional standards board and face quicker and easier prosecution for wrongdoing.

“What has happened at Barclays is the unacceptable face of capitalism,” Mr Miliband told The Times. “It goes much beyond individuals.

“There hasn’t been a proper reckoning for what happened in the banking crisis. The…